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@knightm I emailed my contact again and he confirmed that he *did not pay* the buyer’s agent!
So, based on the information everyone has provided, it could be that the person claming to be a buyer’s agent was not in fact a ‘real’
BA. I was not really in a position to say anything about this to the guy (after all, he has bought the place now). Most enlightening though!@tristan1 thanks for your trouble of providing these detailed comments! Can you answer a couple more questions?
Did your BA also organise a property inspection?
Did you have a rental yield target in mind which the BA advised on?
How did you find the BA, did you get a recommendation from someone?I agree that it is important to get experience in the purchasing process but I already have this – in my state anyway.
I doubt I could achieve the same about Tasmania though, not living there. Plus the cost and difficulty of timing visits there to inspect. That’s why I think a local BA could be a good idea.I appreciate everyone’s helpful feedback.
Thank you @knightm, yours is a helpful response.
I did search the forum but obviously what I am looking for is not too easy to find.
I had not heard of REBAA but I will also look into that, thanks!
Also your question (1) about the buyer’s agent sounds interesting, my contact said that no fee was payable except on sale.
Not sure if he paid the BA or not.. but clearly this is a pivotal question!
From what I have read, a true independent BA would probably need to charge some kind of initial fee, since they do lots of legwork (possibly incurring costs).I already learned a LOT from your comments – thank you !
Sorry it does not make sense but it is a true story, I met and talked to this guy about it.
So far this is the only person I have heard from about actually using a buyer’s agent.
He was happy with the property that the agent found, and the price, it was the paperwork that was a nightmare.
The bank certainly sounded incompetent. The issue was definitely who the ‘agent’ was.
Perhaps it was just bad luck but he said he would never use a buyers agent again due to the complexity (it was his first investment property).Well it looks like my post has now been hijacked,not bad for a first attempt at a question on this forum!
@knightm I have searched the forum and have not found anything helpful from anyone who actually *used* a buyer’s agent.
Which was my question.
I guess there isn’t anyone on the forum able to share this experience, a shame. I expect that buyer’s agents can provide references though.
I did find someone in Canberra (through another means) who had used a buyer’s agent and he said he would never do it again due to the problems this caused establishing who the selling agent actually was, to his bank. The bank caused a lot of issues and stress as a result. It was a new apartment and there was a selling company, a real estate agent and a buyer’s agent involved and it did not go well.Yes I gathered that Richard since his name is Rob. Is it against the forum rules to self-promote?
Thanks so much for the comments, it would be great to hear the experience from someone who had actually used a buyer’s agent.
I am considering buying in Tasmania and love in Queensland, so I think the distance alone could make this worthwhile.
I am not finding many buyer’s agents in Tassie though..could be an opportunity!Thanks
Helen
